Research Interests
Macro-Finance, Monetary Economics, Economic Networks, Chinese Economy
Publications in English
Macro-Finance, Monetary Economics, Economic Networks, Chinese Economy
Publications in English
- Aggregate Implications of Financial Frictions for Unemployment, Review of Economic Dynamics, Volume 28, April 2023, pp. 45-71.
- Search frictions in labor markets and financial frictions in credit markets.
- Public Disclosure and Private Information Acquisition: A Global Game Approach, with Zhifeng Cai, Journal of Economic Theory, Volume 210, June 2023, 105670.
- Information Frictions in Credit Markets and Global-Game Approach to Equilibrium Refinement.
- Bubbly Bailout, with Zhiwei Xu, Journal of Economic Theory, Volume 20, June 2022, 105460.
- Asset Bubbles in Macroeconomics and Dynamic Optimal Bailout Policy.
- Asset Bubbles and Monetary Policy, with Jianjun Miao and Pengfei Wang, Review of Economic Dynamics, Vol. 37, August 2020.
- prepared for Frontiers of Business Cycle Research, Volume II.
- Asset Bubbles in Macroeconomics and their Interactions with Monetary Policy.
- Adverse Selection and Self-Fulfilling Business Cycles, with Jess Benhabib and Pengfei Wang, Journal of Monetary Economics, Vol. 94, pp.114-130, 2018.
- Information Frictions in Credit Markets and Endogenous Cycles via Indeterminacy.
- Long and Plosser Meet Bewley and Lucas: Monetary Policy in Production Networks, with Yi Wen, Journal of Monetary Economics, Vol. 102, pp.70-92, 2019.
- Monetary Policy with Heterogeneous Agents and Production Networks.
- Cycles of Credit Expansion and Misallocation: The Good, The Bad and The Ugly, with Zhiwei Xu, Journal of Economic Theory, Vol. 186, March 2020.
- Information Frictions in Credit Markets and Endogenous Boom-Bust Cycles.
- Bubbly Booms and Welfare, with Yang Jiao (SMU) and Haoning Sun (Tsinghua), Review of Economic Dynamics, Vol. 53, July 2024.
- Competing effects of a housing bubble on the real economy by developing a two-sector dynamic model with housing production.
- A Model of Secular Migration from Centralized to Decentralized Trade, with Zhifeng Cai, Economic Theory, Vol. 72, pp. 201–244, 2021.
- Effects of Search and Information Frictions for Endogenous Segmentation of Trading Venues for Financial Assets.
- Flight to Liquidity or Quality: Dissecting Liquidity Shortage in the Financial Crisis, with Yi Wen, Journal of Money, Credit and Banking, online.
- Information Frictions in Credit Markets and Financial Crisis.
- The Perils of Credit Booms, with Jianjun Miao and Pengfei Wang, Economic Theory, Vol. 66(4), pp.819-861, 2018.
- Asset Bubbles and Information Frictions in Macroeconomics.
- Credit Search and Credit Cycles, with Pengfei Wang and Yi Wen, Economic Theory, Vol. 61(2), pp.215-239, 2016.
- Implications of Search Frictions in Credit Markets for Endogenous Business Cycles.
- A Search-Based Model of Capital Reallocation, with Pengfei Wang and Yi Wen, European Economic Review, Vol. 128, September 2020.
- Search Frictions in Secondary Markets for Capital over Business Cycles.
- Flight to Housing in China, with Jianfeng Liu, Zhiwei Xu, and Bo Zhao, Journal of Economic Dynamics and Control, Vol. 130, September 2021.
- The flight to safety vis-a-vis housing in China: great economic uncertainty causes the prices of housing assets to soar.
- Bubbly Bitcoin, with Zhiwei Xu and Yu Zhang, Economic Theory, 2022.
- A theory of Bitcoin-like cryptocurrency as risky and costly bubbles in an infinite-horizon production economy with incomplete markets.
- Economic Slowdown and Housing Dynamics in China: A Tale of Two Investments by Firms, with Yumei Guo, Yuchao Peng, and Zhiwei Xu, Journal of Money, Credit and Banking, 2022.
- A dynamic New Keynesian model with the modeling of firms' dynamic portfolio choice between physical and housing investment.
- Speculative Bubbles and Talent Misallocation, with Yandong Jia and Siqing Wang, Journal of Economic Dynamics and Control, 2022.
- Firm Debt and Labor Share: The Distribution Effect of De-leverage, with Guangjun Shen and Yang Jiao,China Economic Quarterly International,2021, Volume 1,Issue 1, pp. 59-71;
- Empirical analysis of the role of firms’ rising debt in explaining the decrease in labor share.